If you get severely hurt in any accident or fall seriously ill, you will require a power of attorney. If you fail to do so, you as well as your family may have to incur a large amount of expense / lose complete control of your properties and finances. There are chances that they will also not be able to make solid decisions about personal care for you, in case you become mentally/physically incapacitated.
Powers of Attorneys
Typically, there are 2 different types of power of attorneys- One is for medical decisions and the other is for property such as bank accounts, investments, land and paying bills. When you appoint a power of attorney, you can assign this role to 1/more people who you can trust. You have to ensure that they will look after you and your property well and it is possible to make this particular appointment very easily and quickly.
A Will is essentially a document that you prepare in your lifetime, which will take effect post your death. It will have note of how all the possessions and assets that you own, will have to be disposed after your death. It is important for everyone to have and legal and valid Will. It should clearly state where all your assets will go and if you have children, it should also state who the guardian of your children should be. Though it is not necessary that you have a lawyer prepare your Will, it is crucial that you get the right legal advice before drawing one. This is more important in cases where there are:
- Second marriages
- Minor children
- Any parties who are disabled
- Beneficiaries who have been separated
- When there are very large estate as a number of income tax issues come into the picture
- When you have children, you may want to specify who the guardian should be, in the event of your death
Which One is Better?
Since there are so many technicalities and aspects to take into account, it is advisable to take the professional advice of a well-established and experienced lawyer. The person will be able to guide you about how to go about appointing power of attorneys or creating a Will.